Oshkosh Corporation reported 2025 fourth-quarter net income of $133.8 million ($2.10 per diluted share) and adjusted net income of $144.3 million ($2.26 per diluted share).

Oshkosh Corporation (NYSE: OSK), a leading innovator of purpose-built vehicles and equipment, today reported 2025 fourth quarter net income of $133.8 million, or $2.10 per diluted share, compared to net income of $153.1 million, or $2.33 per diluted share, for the fourth quarter of 2024. Adjusted1 net income was $144.3 million, or $2.26 per diluted share, for the fourth quarter of 2025 compared to $169.3 million, or $2.58 per diluted share, for the fourth quarter of 2024. Comparisons in this news release are to the fourth quarter of 2024, unless otherwise noted.

Consolidated sales in the fourth quarter of 2025 increased $90.7 million, or 3.5 percent, to $2.69 billion primarily due to improved pricing in the Vocational segment and higher sales volume in the Access segment.

Consolidated operating income in the fourth quarter of 2025 decreased 5.3 percent to $212.0 million, or 7.9 percent of sales, compared to $223.9 million, or 8.6 percent of sales, in the fourth quarter of 2024. The decrease in operating income was primarily due to unfavorable product mix and higher manufacturing overhead costs, offset in part by lower incentive compensation costs and higher sales volume.

Adjusted1 operating income in the fourth quarter of 2025 decreased 7.9 percent to $225.9 million, or 8.4 percent of sales, compared to $245.4 million, or 9.4 percent of sales, in the fourth quarter of 2024.

"Oshkosh delivered a strong close to 2025 with fourth quarter results that were within our expectations driven by our people and innovative products, capping another year of solid execution across our portfolio," said John Pfeifer, president and chief executive officer of Oshkosh Corporation. "We achieved adjusted earnings per share of $2.26 due to robust performance in our Vocational segment, strong sales in our Access segment and an improved margin in our Transport segment. We are continuing to ramp up our NGDV production and to invest in additional U.S. fire truck production into 2026 to meet customer demand for these products. Cash from our operations of $783 million for the year reflected strong performance across the Company.

"Looking ahead, we are initiating 2026 adjusted earnings per share expectations in the range of $11.50, reflecting expected improved results in our Vocational and Transport segments, supported by a solid backlog and momentum in innovation across the business, partly offset by continued weakness in non-residential construction affecting our Access segment. We believe our People First culture and strategic investments position us to create long-term value for our customers, shareholders and team members," added Pfeifer.

Factors affecting fourth quarter results for the Company's business segments included:

Access - Access segment sales for the fourth quarter of 2025 increased $14.6 million, or 1.3 percent, to $1.17 billion primarily due to higher sales volume in North America, offset in part by higher sales discounts.

Access segment operating income in the fourth quarter of 2025 decreased 30.5 percent to $99.3 million, or 8.5 percent of sales, compared to $142.9 million, or 12.4 percent of sales, in the fourth quarter of 2024. The decrease was primarily due to adverse price/cost dynamics and adverse product mix, offset in part by higher sales volume.

Adjusted1 operating income in the fourth quarter of 2025 was $103.0 million, or 8.8 percent of sales, compared to $151.6 million, or 13.1 percent of sales, in the fourth quarter of 2024.

Vocational - Vocational segment sales for the fourth quarter of 2025 increased $41.8 million, or 4.7 percent, to $922.4 million as improved pricing was offset in part by lower sales volume. Lower refuse vehicle sales volume was partially offset by improvements in municipal fire apparatus and airport products.

Vocational segment operating income in the fourth quarter of 2025 increased 26.5 percent to $140.3 million, or 15.2 percent of sales, compared to $110.9 million, or 12.6 percent of sales, in the fourth quarter of 2024. The increase was primarily due to improved price/cost dynamics offset in part by adverse product mix within municipal fire apparatus.

Adjusted1 operating income in the fourth quarter of 2025 was $149.6 million, or 16.2 percent of sales, compared to $122.9 million, or 14.0 percent of sales, in the fourth quarter of 2024.

Transport - Transport segment sales for the fourth quarter of 2025 increased $32.9 million, or 6.2 percent, to $566.7 million as the ramp-up of Next Generation Delivery Vehicle (NGDV) production for the United States Postal Service, higher sales volume for international tactical wheeled vehicles and higher Family of Heavy Tactical Vehicles sales were offset in part by the wind-down of the domestic Joint Light Tactical Vehicle program.

Transport segment operating income in the fourth quarter of 2025 increased 52.0 percent to $22.8 million, or 4.0 percent of sales, compared to $15.0 million, or 2.8 percent of sales, in the fourth quarter of 2024. The increase was primarily the result of lower adverse cumulative catch-up adjustments and improved pricing on new contracts, offset partially by costs associated with the ramp-up of NGDV production.

Corporate and other - Net operating costs for corporate and other in the fourth quarter of 2025 increased $5.5 million to $50.4 million primarily due to the timing of healthcare charges between Corporate and the segments.

Miscellaneous, net - Miscellaneous expense, net in the fourth quarter of 2025 was $2.5 million compared to income of $4.1 million in the fourth quarter of 2024, which primarily reflected changes in the market value of an investment in each period.

Provision for Income Taxes - The Company recorded income tax expense in the fourth quarter of 2025 of $47.8 million, or 26.3 percent of pre-tax income, compared to $45.2 million, or 22.7 percent of pre-tax income, in the fourth quarter of 2024. The effective tax rate in the fourth quarter of 2025 was negatively impacted by changes to deferred taxes as a result of state apportionment adjustments upon the filing of the final 2024 state income tax returns.

Repurchases of Common Stock - The Company repurchased 911,873 shares of common stock in the fourth quarter of 2025 for $118.7 million. Share repurchases completed during the previous twelve months benefited earnings per share in the fourth quarter of 2025 by $0.06 compared to the fourth quarter of 2024.

Full-Year Results

The Company reported net sales for 2025 of $10.42 billion and net income of $647.0 million, or $10.02 per diluted share. This compares with net sales of $10.73 billion and net income of $681.4 million, or $10.35 per diluted share, in the prior year. The decrease in net income for 2025 was primarily due to lower sales volume, higher manufacturing overhead costs and higher warranty costs, offset in part by improved pricing, lower intangible asset impairments, lower incentive compensation costs, the resolution of a federal income tax audit, lower cumulative catch-up adjustments and improved performance of the Company's investments.

Adjusted1 net income for 2025 was $696.3 million, or $10.79 per diluted share, compared to $772.7 million, or $11.74 per diluted share, in 2024.

2026 Expectations

The Company announced its 2026 diluted earnings per share estimate of approximately $10.90 and its adjusted1 earnings per share estimate of approximately $11.50 on projected net sales of approximately $11.0 billion.

Dividend Announcement

The Company's Board of Directors today declared a quarterly cash dividend of $0.57 per share of Common Stock. The dividend will be payable on March 3, 2026 to shareholders of record as of February 17, 2026.

 

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